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Blockchain data tracker Whale Alert reported a large Solana transfer made to major crypto exchange Binance.
In a tweet, Whale Alert reports that "154,912 SOL worth $23,928,285 was transferred from unknown wallet to Binance" with this action taking place some hours back.
Whales, or large cryptocurrency holders, often move assets to exchanges when they intend to sell or trade them. Thus, this substantial transfer has prompted attention as it coincides with a Solana price drop.
At the time of writing, Solana's price was down 3.24% in the last 24 hours, indicating potential profit-taking.
Tomiwabold OlajideSolana has been one of the standout performers in the cryptocurrency market of late, thus whale investors might be preparing to take profits following Solana’s recent price surge.
While the exact motivations behind the transfer remain unclear, the market will closely monitor Solana's price movements and any further large transactions.
Solana price action
Solana rallied strongly from lows of $109.99 on Aug. 5 after eight straight days of falls. The rebound was met with strong buying as Solana's price sharply rose on Aug. 6 and 8, respectively.
The bounce, however, met resistance at $165, forcing the bulls to retreat slightly. At the time of writing, SOL was down 3.24% in the last 24 hours to $155 amid slight profit-taking. However, it remains 3% higher weekly.
If Solana sustains above the 50-day SMA at $153, the SOL price could reach the overhead barrier of $189. This level is expected to provide a significant challenge to bulls.
On the downside, a break and closure below the daily moving averages 50 and 200, at $153 and $147, may indicate that bears are selling rallies. Solana might eye a drop to $116 if this happens.
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team